On 19 March 2021, both chambers of the Swiss parliament approved the revision of the Money Laundering Act. The bill implements the federal government's financial market policy strategy for a competitive Swiss financial centre, and takes into account the key recommendations of the Financial Action Task Force (FATF) country report on Switzerland. It is designed to ensure the continued integrity - and thus competitiveness - of Switzerland as a financial centre.
The identity of beneficial owners of financial accounts will now be checked more closely and client data will be updated more frequently. These new rules are expected to come into force in mid-2022.
More information: Integrity of the financial centre (admin.ch)